- Required Information Problem 3 9a Algo Complete The Full Accounting Cycle Lo3 3 3 4 3 5 3 6 3 7 The Following 1 (58.65 KiB) Viewed 11 times
- Required Information Problem 3 9a Algo Complete The Full Accounting Cycle Lo3 3 3 4 3 5 3 6 3 7 The Following 2 (57.24 KiB) Viewed 11 times
! Required information Problem 3-9A (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Credits Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals Debits $26,000 16,800 14,800 162,000 $8,100 7,200 157,000 47,300 $219,600 $219,600 The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 9. December 30 Provide storage services for cash, $148, 100, and on account, $59,200. Collect on accounts receivable, $52,900. Receive cash in advance from customers, $14, 300. Purchase supplies on account, $12,000. Pay property taxes, $9,900. Pay on accounts payable, $12,800. Pay salaries, $137,600. Issue shares of common stock in exchange for $41,000 cash. Pay $4,200 cash dividends to stockholders. Problem 3-9A (Algo) Part 8 8-a. Prepare the income
statement for the year ended December 31, 2024. Drav B 6 7 8 of 8 Next >
Problem 3-9A (Algo) Part 8 8-a. Prepare the income
statement for the year ended December 31, 2024. ZIPS STORAGE Income
Statement For the Year Ended December 31, 2024 Service Revenue Expenses: Salaries Expense Property Tax Expense Total Expenses $ 137,600 9,900 $ 207,300 147,500